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February 26, 2008
Kenco, one of the oldest and most well respected names in the third-party logistics industry, recently underwent a corporate restructure to provide greater support for its rapid growth. Founded in 1950 and the pioneer of contract warehousing in America, Kenco began with only two people, one facility and 100,000 square feet of space. Today, Kenco spans across 22 states and Canada, with core competencies that include not only logistic services, but also transportation, real estate management and material handling equipment and service. The rapid growth that has made Kenco the successful company it is today is also the driving force behind the need to divide into five separate companies.
Effective January 1, 2008, Kenco Logistic Services, LLC will serve all warehouse operations. Kenco Toyota-Lift will become Kenco Material Handling Solutions, LLC doing business as Kenco Toyota-Lift. JDK Real Estate, LLC will own and operate Kenco’s real estate assets. Kenco Transportation Services, LLC will provide transportation services. The fifth company, Kenco Management Services, LLC will provide the services currently provided by such corporate departments as Safety and Security, Human Resources, IT, Accounting, Quality and Best Practices and Finance.
According to Kenco Logistic Services, LLC Chairman and CEO Gary Mayfield, the purpose of the restructure was to more accurately reflect and define the specific nature of the business, to streamline accounting and other internal operations, and to better serve the needs of its respective customers.
“This restructuring is intended to reposition each of the five operating companies to stay ahead of the curve and continue to effectively reach the nation’s fastest growing markets now and in the future,” said Mayfield. “Creating strong focused companies is the best way to unlock the full value of Kenco’s capabilities for the benefit of our shareholders and employees, for both the short and long term.”
Mayfield emphasized that the restructure will be seamless to Kenco customers. “It will not affect day-to-day operations or change any of Kenco’s fundamental values,” he explained. “But, by allowing each current division to stand alone as its own company, Kenco can begin to better measure its business and its growth against other companies in the marketplace.”
As a result of the reorganization, Kenco has made several key personnel changes and promotions that will serve to maximize the value of each of the five organizations:
Kenco Logistic Services, LLC
Gary Mayfield will serve as Chairman and CEO; Andy Smith will serve as President and COO.
JDK Real Estate, LLC
Jim Kennedy III will serve as Chairman and CEO, and Jimmy Glascock will serve as Vice President.
Kenco Material Handling Solutions, LLC d.b.a. Kenco Toyota Lift
Gary Mayfield will serve as President, and Frank DeGarmo will serve as Vice President.
Kenco Management Services, LLC
Jim Kennedy III will serve as Chairman and CEO; Gary Mayfield will serve as President and Sheila Crane will serve as Executive Vice President and Secretary/Treasurer.
Kenco Transportation Services, LLC
Gary Mayfield will serve as Chairman and CEO; and Bill Mitchell has been promoted to Vice President.
“With this new corporate structure and reorganization of team members, Kenco is ideally positioned for the future,” said Mayfield, “These changes will allow us to continue meeting the growing needs of our customers and fulfilling our company’s long-standing motto: ‘The Right People, The Right Solutions.’”
About Kenco Logistic Services
Headquartered in Chattanooga, Tennessee, Kenco Logistic Services LLC is one of the nation’s oldest and largest privately owned, third-party logistics providers, with offices strategically located throughout the United States and an international network of affiliates in Canada, Europe and Asia.
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